Wannabe landlords aiming for gold

Winning the gold with property?

It happens during Wimbledon and is set to be even bigger business during London 2012. Homeowners across the capital will be entering the race to rent their properties in return for gold. Becoming a landlord during the sporting highlight is a no-brainer and is likely to attract many novices to the game.

I want to highlight that rules are rules and just because renting your property is ‘a one off’ or you’re a ‘first-timer’ doesn’t mean they don’t apply. Of course, rent out your home, but make sure you do it by the book. Cutting corners could land you in trouble, whatever the circumstances.

If you’re letting out your home, you will have to draw up a formal tenancy agreement, provide a gas safety and energy performance certificate (EPC) and protect the tenants’ deposit through a government approved scheme, all things we can help you with at Legal 4 Landlords. If your property has more than three storeys you may need a property license so make sure you seek advice.

To those that make a living from being a professional landlord all this will come second nature but for those who aren’t – basics such as taking an inventory and photographing the property are essential. If sport is not your thing or you plan to escape the Olympics frenzy with a trip away – who is going to be on hand for property emergencies and repairs? And then there’s your insurer and mortgage provider – make sure you let them know. You might even wish to have any important mail re-directed in your absence. So yes, it could be a quick way to make cash but there’s plenty to think about.

And then there’s the professional landlords. There’s talk that some are kicking out long term tenants to try and cash in on lucrative six week Olympic lets. But when it’s game over for the Olympics and everyone leaves London you may struggle to fill the property again. This could well be a losing tactic.